1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
mars1129 [50]
3 years ago
5

Pina Inc. has outstanding 10,500 shares of $10 par value common stock. On July 1, 2020, Pina reacquired 104 shares at $87 per sh

are. On September 1, Pina reissued 63 shares at $90 per share. On November 1, Pina reissued 41 shares at $83 per share.Prepare Pina’s journal entries to record these transactions using the cost method
Business
1 answer:
umka2103 [35]3 years ago
8 0

Answer:

Please see explanation

Explanation:

The following journal entries shall be recorded by the Pina Inc in its accounts for the transactions mentioned in the question:

July 1, 2020                                     Debit                  Credit

Treasury shares                               $9,048

(104*87)

Bank                                                                              $9,048

(Reacquiring of 104 shares at $87 per share)

September 1, 2020                                     Debit                  Credit

Bank                                                            $5,670

(63*90)

Treasury shares                                                                       $5,481

(63*87)      

Paid in capital                                                                           $189                

(5,670-3,567                                                                            

(Reissuing of 63 shares at $90 per share)

November 1, 2020                                     Debit                  Credit

Bank                                                            $3,403

(41*83)

Paid in capital                                             $164

(3,567-3,403)

Treasury shares                                                                       $3,567

(41*87)      

(Reissuing of 41 shares at $83 per share)

You might be interested in
Which organization sets monetary policy for the United States?
Romashka-Z-Leto [24]
Federal Open Market Committee
7 0
2 years ago
Read 2 more answers
In the study of internal control, the auditor uses sampling to compare the __________ to the __________.
Arturiano [62]

In the study of internal control, the auditor uses sampling to compare the adjusted estimate of the deviation rate to the tolerable rate of deviation.

How Do Internal Controls Work?

A plan of structure, processes, and records that are concerned with the security of assets and the accuracy of financial records are together referred to as internal controls.

Fundamentals of Internal Control Systems

A firm's unique information requirements should be taken into account when designing an internal control system. As a result, the system might be anything from a straightforward manual system to a sophisticated computerized online system with remote terminals dispersed all over the nation. The accounting system must process data effectively, precisely, and promptly whether it is electronic or manual. An internal control system that has been carefully thought out is at the core of any well-designed accounting system.

Protecting the assets under management's control is one of their main duties.

to know more about  Internal Control Systems

brainly.com/question/26398073

#SPJ4

5 0
1 year ago
Auditors-Are-Us LLC, audited the financial statements of LINKCO Industries, a private company, for the year ended December 31, 2
Finger [1]
Bfncncnnfg

b
h
b

j
u
enshjrhfjfjjdjejeuejjfjrieudueheh
4 0
3 years ago
Kin based societies, headed by hereditary leaders or priests with the powers such as ceremonial and labor organization, land use
ollegr [7]

Answer:

Chiefdoms

Explanation:

Kin based societies, headed by hereditary leaders or priests with the powers such as ceremonial and labor organization, land use supervision, and resource distribution are known as Chiefdoms

Chiefdoms are forms of hereditary political organization that is usually based on kinship, in which power is left in the hands of the most senior members of the royal family or selected ruling families. They also exercise economic powers of resource distribution.

3 0
3 years ago
The first step in the prescribing process according to the world health organization is:
JulsSmile [24]
<span>The first step in the prescribing process according to the world health organization is diagnosing the patients problem.
This must be the first step because without diagnosing the problem how can someone be treated. WHO (world health organization)  is an agency of United States but it is working internationally.</span>
4 0
3 years ago
Other questions:
  • A registered representative (RR) is recommending to his client a newly issued debt security backed by the U.S. government with a
    13·1 answer
  • is the amount of time an activity can be delayed from its early start without delaying the planned project finish date. a. Free
    9·1 answer
  • Jingfei, an employee of Chinese origin, works as a sales representative at Global Recyclers International. Her supervisor, Ralph
    9·1 answer
  • Miller Corporation has a premium bond making semiannual payments. The bond pays a coupon of 10 percent, has a YTM of 8 percent,
    7·1 answer
  • Will give brainliest
    11·1 answer
  • What is one course of action available in every decision making process?
    8·1 answer
  • My name marsh, ninja
    15·1 answer
  • What are Apple’s dollar amounts for assets, liabilities, and equity at September 29, 2018? Confirm that the accounting equation
    8·1 answer
  • Olivia is a partner in Pacific Trade. In the majority of states, with respect to any partnership obligations that Olivia does no
    12·1 answer
  • If rita, as a consumer, has a complaint about the privacy and data practices of the social media company, rita can submit her co
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!